1 00:00:04,760 --> 00:00:08,080 Speaker 1: Welcome to the Bloomberg pim L Podcast. I'm pim Fox. 2 00:00:08,119 --> 00:00:11,159 Speaker 1: Along with my co host Lisa Abramowitz. Each day we 3 00:00:11,280 --> 00:00:14,480 Speaker 1: bring you the most important, noteworthy, and useful interviews for 4 00:00:14,520 --> 00:00:16,880 Speaker 1: you and your money, whether at the grocery store or 5 00:00:16,920 --> 00:00:20,680 Speaker 1: the trading floor. Find the Bloomberg p L Podcast on iTunes, 6 00:00:20,840 --> 00:00:30,000 Speaker 1: SoundCloud and at Bloomberg dot com. All right, let's turn 7 00:00:30,040 --> 00:00:33,000 Speaker 1: our attention now to a program in the future. It 8 00:00:33,080 --> 00:00:35,519 Speaker 1: maybe a Donald Trump program, and it may come to 9 00:00:35,520 --> 00:00:38,280 Speaker 1: you courtesy of Facebook. I want to bring in Joshua 10 00:00:38,320 --> 00:00:41,840 Speaker 1: Green are Washington correspondent for Bloomberg News. He also also 11 00:00:41,920 --> 00:00:45,320 Speaker 1: the co author of this week's cover story of Bloomberg 12 00:00:45,440 --> 00:00:48,640 Speaker 1: Business Week, which is as much about the future of 13 00:00:48,720 --> 00:00:52,519 Speaker 1: political campaigns as it is about marketing. Josh Green, thank 14 00:00:52,560 --> 00:00:55,320 Speaker 1: you very much for being with us. All right, So, 15 00:00:55,680 --> 00:00:57,920 Speaker 1: in fact, there was a quote in this story where 16 00:00:57,960 --> 00:01:01,040 Speaker 1: I believe someone who interviewed said, oh, yeah, you know, 17 00:01:01,120 --> 00:01:05,440 Speaker 1: political campaigns, they just like marketing campaigns. Yeah. My my source, 18 00:01:05,640 --> 00:01:08,400 Speaker 1: high level Trump official, liking at the selling burgers in 19 00:01:08,480 --> 00:01:10,319 Speaker 1: a burger shop, that you have to you have to 20 00:01:10,319 --> 00:01:12,520 Speaker 1: appeal to a wide audience and convince them that you 21 00:01:12,600 --> 00:01:14,759 Speaker 1: got the right product and doing that is the key 22 00:01:14,760 --> 00:01:16,920 Speaker 1: to success. All Right, I kind of pushed you ahead 23 00:01:16,920 --> 00:01:18,520 Speaker 1: a little bit. I want you to step back. Tell 24 00:01:18,560 --> 00:01:21,280 Speaker 1: everybody what the story is about and why this is 25 00:01:21,319 --> 00:01:24,240 Speaker 1: such an interesting look inside a political campaign. Well, I've 26 00:01:24,240 --> 00:01:26,920 Speaker 1: been covering the Trump campaign the whole cycle, and during 27 00:01:26,959 --> 00:01:29,399 Speaker 1: that time and speaking to a few senior Trump officials 28 00:01:29,400 --> 00:01:32,319 Speaker 1: and members of the family. Uh, they have said the 29 00:01:32,319 --> 00:01:34,880 Speaker 1: contrary to the public perception that Trump's campaign is really 30 00:01:34,880 --> 00:01:36,640 Speaker 1: just Trump and a Twitter feed, they actually have a 31 00:01:36,640 --> 00:01:41,240 Speaker 1: pretty sophisticated voter targeting and turnout operation that they built 32 00:01:41,240 --> 00:01:44,640 Speaker 1: in San Antonio, Texas of all places. So I appealed 33 00:01:44,680 --> 00:01:47,720 Speaker 1: to them to let me go down and check it out, 34 00:01:48,280 --> 00:01:51,760 Speaker 1: and along with my colleague Sasha Eisenberg, we got exclusive 35 00:01:51,800 --> 00:01:54,560 Speaker 1: access to Trump's digital operations for the cover story in 36 00:01:54,560 --> 00:01:57,080 Speaker 1: this week's Business Week. So what did it look like 37 00:01:57,480 --> 00:02:00,720 Speaker 1: in their in their sort of campaign operations that could 38 00:02:00,720 --> 00:02:03,520 Speaker 1: easily parlay into a media It's like, on what what 39 00:02:03,600 --> 00:02:07,640 Speaker 1: interstate is it? I forty? I think it's four ten. 40 00:02:08,760 --> 00:02:13,440 Speaker 1: But it looks honest, Yeah, any other campaign headquarters. You know, 41 00:02:13,480 --> 00:02:17,400 Speaker 1: you've got Trump signs everywhere, You've got a lot of 42 00:02:17,560 --> 00:02:22,000 Speaker 1: you know, young eager. Um, uh, kind of geeky looking people. Frankly, 43 00:02:22,040 --> 00:02:25,120 Speaker 1: this is a digital operations. They also had a call 44 00:02:25,200 --> 00:02:27,840 Speaker 1: center there where the folks were a little older and 45 00:02:27,919 --> 00:02:29,959 Speaker 1: tend to be carrying guns. Who's the guy that looks 46 00:02:30,000 --> 00:02:33,360 Speaker 1: like a martial mixed martial arts expert. This would be 47 00:02:33,400 --> 00:02:36,600 Speaker 1: Brad par Scale, who is Trump's digital director and has 48 00:02:36,639 --> 00:02:40,280 Speaker 1: a wild backstory. Uh, never been involved in politics before, 49 00:02:40,360 --> 00:02:44,239 Speaker 1: but did make the Trump Foundation's website, also made Trump 50 00:02:44,280 --> 00:02:47,120 Speaker 1: wineries websites. Is a guy who's in the Trump orbit, 51 00:02:47,639 --> 00:02:51,760 Speaker 1: and as Trump cycled through various campaign staffers, par Scale 52 00:02:52,480 --> 00:02:55,160 Speaker 1: kept rising with each successive turnover to the point where 53 00:02:55,160 --> 00:02:58,480 Speaker 1: he now runs the campaign's media budget and oversees the 54 00:02:58,520 --> 00:03:01,919 Speaker 1: staff of about a volunteers, more people down in San 55 00:03:01,960 --> 00:03:05,520 Speaker 1: Antonio than there are in Trump Tower, New York. So, um, 56 00:03:05,560 --> 00:03:09,680 Speaker 1: you said that they carry guns, Well that was you know, 57 00:03:10,000 --> 00:03:12,600 Speaker 1: you don't usually see that at campaign headquarters. Remember this 58 00:03:12,639 --> 00:03:15,320 Speaker 1: is in Texas and San Antonio, Texas to Republican candidate, 59 00:03:15,720 --> 00:03:18,200 Speaker 1: open carry gun law, second Amendment, big big deal to 60 00:03:18,240 --> 00:03:21,280 Speaker 1: voters down there. So yeah, they have a volunteer call 61 00:03:21,320 --> 00:03:23,840 Speaker 1: center where you call Trump State hundred number. The volunteers 62 00:03:23,840 --> 00:03:26,440 Speaker 1: answering the phone, and sure enough the guy started talking 63 00:03:26,480 --> 00:03:28,239 Speaker 1: about look down and he has a gun hanging off 64 00:03:28,240 --> 00:03:32,040 Speaker 1: the ship. Evidently he brings into work every day just 65 00:03:32,080 --> 00:03:34,400 Speaker 1: in case, you know, somebody I don't know bum rushes 66 00:03:34,440 --> 00:03:36,800 Speaker 1: him or something and he feels the need to defend himself. 67 00:03:36,840 --> 00:03:39,880 Speaker 1: But you wouldn't see that in a Hillary Clinton headquarters 68 00:03:39,920 --> 00:03:42,360 Speaker 1: for sure. Um And frankly, I don't know. If you 69 00:03:42,440 --> 00:03:45,120 Speaker 1: go around uh San Antonio, you find a lot of 70 00:03:45,160 --> 00:03:47,800 Speaker 1: people with guns just sort of hanging off them either 71 00:03:47,840 --> 00:03:51,160 Speaker 1: despite the free carry laws. But so we're what's the 72 00:03:51,280 --> 00:03:54,400 Speaker 1: what's the end goal of this operation? I mean, it's 73 00:03:54,440 --> 00:03:58,040 Speaker 1: obviously to get Donald Trump elected president? But is there 74 00:03:58,080 --> 00:04:02,040 Speaker 1: some sort of ambition lying underneath this that goes beyond 75 00:04:02,040 --> 00:04:04,920 Speaker 1: the election? Yeah? I think so. I mean Jared Kushner's 76 00:04:04,920 --> 00:04:06,800 Speaker 1: son in law, is the one who really put together 77 00:04:06,880 --> 00:04:09,680 Speaker 1: this organization after Trump won the nomination, you know, and 78 00:04:09,760 --> 00:04:11,520 Speaker 1: up to that point he really wasn't much more than 79 00:04:11,520 --> 00:04:13,760 Speaker 1: just Trump and a Twitter feed. But I think Kushner 80 00:04:13,840 --> 00:04:16,279 Speaker 1: recognized that, look, if we're gonna run a presidential campaign, 81 00:04:16,360 --> 00:04:20,120 Speaker 1: we need a serious, small dollar fundraising operation. Reached down 82 00:04:20,120 --> 00:04:22,800 Speaker 1: to a lot of Silicon Valley marketers and essentially looked 83 00:04:22,800 --> 00:04:25,360 Speaker 1: at it like a like like you would any ordinary 84 00:04:25,400 --> 00:04:27,680 Speaker 1: business problem, like we need to get customers in the door. 85 00:04:28,400 --> 00:04:31,279 Speaker 1: So what they did was spend an awful lot of money, uh, 86 00:04:31,320 --> 00:04:34,400 Speaker 1: some of which they raised selling the Trump hats. They 87 00:04:34,440 --> 00:04:36,880 Speaker 1: also had a bunch of autopen machines down they're signing 88 00:04:36,920 --> 00:04:39,280 Speaker 1: Trump hats like full time, all day, every day to 89 00:04:39,320 --> 00:04:41,960 Speaker 1: sell the people. But they've used this, this influx of 90 00:04:42,000 --> 00:04:46,640 Speaker 1: money to essentially build a massive Facebook list of Trump 91 00:04:46,760 --> 00:04:50,680 Speaker 1: supporters and donors, which and this is key because it 92 00:04:50,800 --> 00:04:53,880 Speaker 1: was paid for with Trump campaign funds. Trump's campaign will 93 00:04:53,920 --> 00:04:57,159 Speaker 1: own this after the election win or lose, and could 94 00:04:57,320 --> 00:05:00,800 Speaker 1: conceivably pored it over to become the audience or say 95 00:05:00,800 --> 00:05:03,680 Speaker 1: a Trump TV network or a Trump new media venture. 96 00:05:03,839 --> 00:05:06,440 Speaker 1: So as usual, Trump kind of has his eye, I 97 00:05:06,440 --> 00:05:09,720 Speaker 1: think on the bottom line, regardless of what the outcome is. 98 00:05:09,760 --> 00:05:12,760 Speaker 1: Un November eight, Josh, could he also end up selling 99 00:05:12,880 --> 00:05:15,960 Speaker 1: or at least renting some of that information to the 100 00:05:16,000 --> 00:05:22,080 Speaker 1: Republican National Committee? Is his operation more sophisticated than the GOP? Well, 101 00:05:23,360 --> 00:05:26,400 Speaker 1: yes and no. His list is bigger than the GOP's 102 00:05:26,440 --> 00:05:29,039 Speaker 1: because it includes not only the r n c's information, 103 00:05:29,080 --> 00:05:31,480 Speaker 1: which they handed over to Trump when he became the nominee. 104 00:05:31,760 --> 00:05:34,760 Speaker 1: But also information that Trump's own campaign has managed to 105 00:05:34,800 --> 00:05:38,200 Speaker 1: go out and harvest from commercial databases from supporters. So 106 00:05:38,240 --> 00:05:40,640 Speaker 1: he has a very big and very valuable list that 107 00:05:40,760 --> 00:05:45,359 Speaker 1: strategists would value anywhere between probably fifty and a hundred 108 00:05:45,360 --> 00:05:48,600 Speaker 1: million dollars. Now, what what presidential means typically do if 109 00:05:48,600 --> 00:05:51,880 Speaker 1: they lose is they can license that to other candidates, 110 00:05:51,880 --> 00:05:54,760 Speaker 1: other entities. You know, Mitt Romney has a list that 111 00:05:55,120 --> 00:05:57,520 Speaker 1: you know he'll rent out to other Republicans to raise money. 112 00:05:57,560 --> 00:06:00,520 Speaker 1: So Trump could could do that. But but a wink Trump, 113 00:06:00,520 --> 00:06:03,880 Speaker 1: that could also be broader commercial applications, and so he 114 00:06:03,880 --> 00:06:06,120 Speaker 1: could really do any number of things with it. Thanks 115 00:06:06,240 --> 00:06:09,760 Speaker 1: very much, Josh Green. He is our national correspondent Bloomberg 116 00:06:09,960 --> 00:06:15,640 Speaker 1: Business Week cover story getting inside Bunker Trump. This is 117 00:06:15,640 --> 00:06:30,279 Speaker 1: Bloomberg Trunk. We just can't stop saying that name. Today, 118 00:06:30,320 --> 00:06:33,800 Speaker 1: Ganette dropped its six eighty three million dollar bid for 119 00:06:34,080 --> 00:06:37,320 Speaker 1: rival Trunk. Here with us to break down what this 120 00:06:37,360 --> 00:06:40,279 Speaker 1: means for both companies going forward, why it failed, and 121 00:06:40,320 --> 00:06:44,080 Speaker 1: everything else related to Trunk is Alex Srman of Bloomberg News. Alex, 122 00:06:44,120 --> 00:06:45,560 Speaker 1: thank you so much for being with us. How long 123 00:06:45,600 --> 00:06:47,320 Speaker 1: does this segment when we only four minutes? Can we 124 00:06:47,360 --> 00:06:50,040 Speaker 1: just go back and forth saying Trunk, I'll say Trunk 125 00:06:50,120 --> 00:06:54,240 Speaker 1: and then you can please you're speaking my language. Um. Yeah, Look, 126 00:06:54,240 --> 00:06:56,400 Speaker 1: this is something that I've been following for months now. 127 00:06:56,960 --> 00:06:59,080 Speaker 1: This is this is going to be in a Harvard 128 00:06:59,120 --> 00:07:01,800 Speaker 1: case study on how to do M and A. Um. 129 00:07:02,080 --> 00:07:06,279 Speaker 1: Ghannette came after Trunk a few months ago, offering twelve 130 00:07:06,279 --> 00:07:09,240 Speaker 1: dollars and cents a share for Trunk after just three 131 00:07:09,279 --> 00:07:13,600 Speaker 1: months or so after Trunk sold shares to h it's 132 00:07:13,680 --> 00:07:16,400 Speaker 1: new chairman, Michael Farrow at eight dollars and seventy five 133 00:07:16,400 --> 00:07:18,920 Speaker 1: cents a share. So it seemed like if Trunk felt 134 00:07:18,960 --> 00:07:20,560 Speaker 1: like the value of its company was eight dollars and 135 00:07:20,560 --> 00:07:24,440 Speaker 1: seventy five cents or roughly in that ballpark in February, 136 00:07:24,600 --> 00:07:28,040 Speaker 1: then it should be certainly worth twelve just three months 137 00:07:28,120 --> 00:07:30,480 Speaker 1: or so later. And yet Michael Farrow said, no, we 138 00:07:30,520 --> 00:07:34,040 Speaker 1: feel like it drastically undervalues the company. So ghanett up, 139 00:07:34,040 --> 00:07:37,080 Speaker 1: that's been to fifteen dollars a share, and still Trunk 140 00:07:37,160 --> 00:07:40,360 Speaker 1: said no, this is not good enough, simultaneously selling more 141 00:07:40,440 --> 00:07:44,000 Speaker 1: shares to a billionaire Patrick Sun Chiang four fifteen dollars 142 00:07:44,000 --> 00:07:46,800 Speaker 1: a share. But the thinking they're being that Patrick Sun 143 00:07:46,880 --> 00:07:49,400 Speaker 1: Chiang was going to participate in the growth strategy, which 144 00:07:49,440 --> 00:07:51,360 Speaker 1: I want to talk about in a minute of trunk, 145 00:07:51,520 --> 00:07:53,760 Speaker 1: so it's not worth it to just sell out. So 146 00:07:54,040 --> 00:07:56,480 Speaker 1: Gannette went back to the drawing board and offered eighteen 147 00:07:56,520 --> 00:07:59,640 Speaker 1: dollars and seventy five cents a share, an enormous premium 148 00:08:00,040 --> 00:08:02,040 Speaker 1: a company that earlier this year was trading under eight 149 00:08:02,040 --> 00:08:04,239 Speaker 1: dollars a share. But of course it's in the hyper 150 00:08:04,240 --> 00:08:10,440 Speaker 1: growth industry of newspapers. So finally, yes, finally the two 151 00:08:10,480 --> 00:08:13,880 Speaker 1: sides reached a deal. Uh, And yet the financing was 152 00:08:13,920 --> 00:08:17,920 Speaker 1: not there at eighteen dollars. In other words, banks felt 153 00:08:18,000 --> 00:08:21,600 Speaker 1: uncomfortable lending at that price because of the deteriorating businesses, 154 00:08:21,800 --> 00:08:25,600 Speaker 1: and potentially because of the banks that Gannette used in 155 00:08:25,640 --> 00:08:29,400 Speaker 1: this case, which were p NC, SunTrust, Jefferies. These are 156 00:08:29,440 --> 00:08:32,240 Speaker 1: not sort of your bulge bracket banks, and many of 157 00:08:32,240 --> 00:08:35,400 Speaker 1: the sources I'm speaking to today have told me they 158 00:08:35,480 --> 00:08:38,600 Speaker 1: think that if Gannette had used different banks, maybe this 159 00:08:38,600 --> 00:08:41,600 Speaker 1: would have worked out differently. But in essence, this morning 160 00:08:41,600 --> 00:08:43,839 Speaker 1: we learned that Gannette throwing in the towel. So these 161 00:08:43,840 --> 00:08:47,360 Speaker 1: two companies will operate as standalone entities, and the shares 162 00:08:47,440 --> 00:08:52,040 Speaker 1: of Trunk down more than fifteen and a half percent currently, 163 00:08:52,120 --> 00:08:56,640 Speaker 1: which basically they're trading about ten dollars ten dollars a share. Trunk. 164 00:08:56,840 --> 00:09:00,240 Speaker 1: The name was supposed to, as you described earlier, to 165 00:09:00,280 --> 00:09:04,840 Speaker 1: do with Tribune online content, but it also is a 166 00:09:04,960 --> 00:09:07,120 Speaker 1: term if you happen to be in the British Isles. 167 00:09:07,800 --> 00:09:10,880 Speaker 1: It describes the tip jar in a restaurant. In fact, 168 00:09:10,960 --> 00:09:13,480 Speaker 1: there's the name of a person is called the trunk master, 169 00:09:13,600 --> 00:09:15,880 Speaker 1: and that's the person that you know gets the tips 170 00:09:15,880 --> 00:09:19,480 Speaker 1: and sort of pays out everybody in the establishment in 171 00:09:19,600 --> 00:09:22,040 Speaker 1: details now, But the reason I go there is because 172 00:09:22,360 --> 00:09:25,200 Speaker 1: this is not me saying. This is Mr Farrow who 173 00:09:25,280 --> 00:09:27,719 Speaker 1: described it this way when they changed the name of 174 00:09:27,760 --> 00:09:32,960 Speaker 1: the company. Are there pieces of trunk that really are 175 00:09:33,040 --> 00:09:36,160 Speaker 1: worth a decent amount of money. Yeah, there's a reason 176 00:09:36,200 --> 00:09:38,280 Speaker 1: why Kennette wanted to go after this. And they have 177 00:09:38,320 --> 00:09:40,800 Speaker 1: a couple of prize assets. They own the l A Times, 178 00:09:40,840 --> 00:09:43,280 Speaker 1: that's probably the biggest prize and they own the Chicago Tribune, 179 00:09:43,280 --> 00:09:46,560 Speaker 1: which is another prize asset. Gnnett owns USA today, but 180 00:09:46,640 --> 00:09:50,680 Speaker 1: after that they don't own any large regional newspapers. So 181 00:09:51,360 --> 00:09:53,080 Speaker 1: the feeling would be that there are a lot of 182 00:09:53,080 --> 00:09:56,280 Speaker 1: potential synergies the big newspapers could sort of funnel into 183 00:09:56,360 --> 00:09:59,040 Speaker 1: USA today in l A. Is there an l A magnet? 184 00:09:59,120 --> 00:10:03,040 Speaker 1: Is there a person in Los Angeles? Patrick? Right? I mean, 185 00:10:03,040 --> 00:10:06,640 Speaker 1: why not just have because Jeff Bezos correction, why not 186 00:10:06,720 --> 00:10:09,200 Speaker 1: him just and in fact, from my understanding that that 187 00:10:09,360 --> 00:10:13,040 Speaker 1: actually that structure was in fact contemplated here, but they 188 00:10:13,040 --> 00:10:15,400 Speaker 1: had already gone so far down the road with sort 189 00:10:15,400 --> 00:10:19,120 Speaker 1: of the transaction as is, meaning Genet buying Trunk that 190 00:10:19,280 --> 00:10:21,800 Speaker 1: in the days that in the recent days where this 191 00:10:21,840 --> 00:10:24,360 Speaker 1: deal was coming apart, it just seemed like it was 192 00:10:24,400 --> 00:10:26,800 Speaker 1: sort of a nonstarter from Trunk. So maybe this continues. 193 00:10:26,880 --> 00:10:29,320 Speaker 1: Maybe maybe he comes in now and he says, okay, 194 00:10:29,440 --> 00:10:32,360 Speaker 1: if Trunk can't push its stock price back up to 195 00:10:32,400 --> 00:10:35,000 Speaker 1: at least fifteen dollars a share. Look, Patrick soun Sunk 196 00:10:35,120 --> 00:10:38,640 Speaker 1: himself is underwater significantly now because he bought in that 197 00:10:38,679 --> 00:10:40,800 Speaker 1: fifteen a share and the stock is currently under ten 198 00:10:40,840 --> 00:10:43,839 Speaker 1: dollars a share. Trunk reports earnings later today, and certainly 199 00:10:43,880 --> 00:10:47,199 Speaker 1: they're going to speak to what their go forward strategy is. 200 00:10:47,480 --> 00:10:50,080 Speaker 1: But I want to talk about what that might be. 201 00:10:50,280 --> 00:10:52,560 Speaker 1: There is a video online for people that have not 202 00:10:52,600 --> 00:10:55,880 Speaker 1: seen this where Trunk describes why they changed their name 203 00:10:55,920 --> 00:10:58,920 Speaker 1: to Trunk. And I want to read you two sentences 204 00:10:59,000 --> 00:11:01,160 Speaker 1: from this video so you have an idea of what 205 00:11:01,240 --> 00:11:04,160 Speaker 1: you will hear. This is from their chief digital officer 206 00:11:04,240 --> 00:11:06,440 Speaker 1: and him, as you pointed out, the whole strategy for 207 00:11:06,480 --> 00:11:09,719 Speaker 1: Trunk is to go online. Here's the quote. One of 208 00:11:09,760 --> 00:11:11,880 Speaker 1: the key ways we're going to harness the power of 209 00:11:11,920 --> 00:11:15,680 Speaker 1: our journalism is to have an optimization group. This Trunk 210 00:11:15,760 --> 00:11:18,599 Speaker 1: team will work with all of the local markets to 211 00:11:18,640 --> 00:11:21,600 Speaker 1: harness the power of our local journalism, feed it into 212 00:11:21,600 --> 00:11:24,480 Speaker 1: a funnel, and then optimize it so we reach the 213 00:11:24,480 --> 00:11:28,400 Speaker 1: biggest global audience possible. So there it is. There's the 214 00:11:28,440 --> 00:11:34,360 Speaker 1: strategy optimize. What does that doesn't mean anything? Pim It 215 00:11:34,480 --> 00:11:38,040 Speaker 1: is a bunch of nonsense. So I have no idea 216 00:11:38,080 --> 00:11:40,200 Speaker 1: what they're going to say today. If it's just gonna 217 00:11:40,240 --> 00:11:43,959 Speaker 1: be buzzwords, maybe maybe turnalists will be put into it. 218 00:11:44,600 --> 00:11:47,319 Speaker 1: But this is also tell me about the distribution that exists, 219 00:11:47,320 --> 00:11:49,120 Speaker 1: because as you said, there's got to be some value 220 00:11:49,160 --> 00:11:51,719 Speaker 1: here for somebody that knows what they're do. Sure, Look, 221 00:11:51,800 --> 00:11:55,240 Speaker 1: the whole idea of of newspapers going online, you can 222 00:11:55,280 --> 00:11:57,280 Speaker 1: sell the so called native ads, and you can make 223 00:11:57,320 --> 00:11:59,000 Speaker 1: a little bit more money by sort of building the 224 00:11:59,080 --> 00:12:04,720 Speaker 1: ads right in to the content and having them. And 225 00:12:04,760 --> 00:12:07,640 Speaker 1: of course video adds that you can put online make 226 00:12:07,679 --> 00:12:10,719 Speaker 1: a lot more money than sort of your display advertising. 227 00:12:10,840 --> 00:12:12,480 Speaker 1: And you can go to a pay wall. And there's 228 00:12:12,480 --> 00:12:14,360 Speaker 1: all sorts of things that have been tried and none 229 00:12:14,360 --> 00:12:17,120 Speaker 1: of it really works. I mean, you know, the newspaper 230 00:12:17,160 --> 00:12:20,920 Speaker 1: industry continues to decline. The transition from print to online 231 00:12:21,120 --> 00:12:25,000 Speaker 1: has certainly not been a flying success for any newspaper companies. 232 00:12:25,280 --> 00:12:28,640 Speaker 1: But that's I was gonna wonder, you know, is Trunk 233 00:12:28,760 --> 00:12:32,760 Speaker 1: more valuable? Uh? Is split into pieces? Right? I mean, 234 00:12:32,800 --> 00:12:35,200 Speaker 1: if somebody buys the l A Times, the Chicago Tribune 235 00:12:35,440 --> 00:12:38,080 Speaker 1: rather than buying the whole thing and optimizing and funneling 236 00:12:38,120 --> 00:12:41,200 Speaker 1: and etcetera, maybe maybe we'll have to see, you know 237 00:12:41,280 --> 00:12:43,320 Speaker 1: that the idea here is the answer to that is no, 238 00:12:43,440 --> 00:12:46,040 Speaker 1: according to Michael Farrow, that this company really is going 239 00:12:46,080 --> 00:12:48,480 Speaker 1: to do something different than the rest of the newspaper industry, 240 00:12:48,640 --> 00:12:51,120 Speaker 1: and therefore it was worth it to refuse a takeout 241 00:12:51,160 --> 00:12:54,560 Speaker 1: offer at fifteen a share. But how much rope do 242 00:12:54,600 --> 00:12:57,520 Speaker 1: they have here before shareholders revolt was going to the 243 00:12:57,520 --> 00:13:00,160 Speaker 1: big question. I was gonna say, just give you the numbers, right, 244 00:13:00,160 --> 00:13:02,320 Speaker 1: because you always work off the off the sales, right, 245 00:13:02,360 --> 00:13:04,640 Speaker 1: the numbers right, So we're talking one point six is 246 00:13:04,679 --> 00:13:09,400 Speaker 1: a one point six billion dollar sales for the year, right, 247 00:13:09,600 --> 00:13:12,240 Speaker 1: and you come out with net income of eighty million dollars, right, 248 00:13:12,320 --> 00:13:15,040 Speaker 1: Net income of eighty million dollars on a one point 249 00:13:15,080 --> 00:13:18,520 Speaker 1: six billion sale exactly, So that is not a strong business, 250 00:13:18,600 --> 00:13:21,160 Speaker 1: as is uh. And again, the the ideas that have 251 00:13:21,200 --> 00:13:23,400 Speaker 1: been thrown around by the newspaper industry in general, this 252 00:13:23,520 --> 00:13:26,080 Speaker 1: is not just speak to trunk, have not been so 253 00:13:26,200 --> 00:13:29,480 Speaker 1: compelling that there has been a wave of you know, 254 00:13:29,559 --> 00:13:32,160 Speaker 1: euphoria in this industry. And in fact, the reason we 255 00:13:32,240 --> 00:13:35,040 Speaker 1: see consolidation in the newspaper industry is the same reason 256 00:13:35,080 --> 00:13:37,360 Speaker 1: we see it in so many industries that in many 257 00:13:37,360 --> 00:13:39,280 Speaker 1: ways these companies have run out of ideas. And so 258 00:13:39,400 --> 00:13:41,160 Speaker 1: you can solid it, you can at least cut costs 259 00:13:41,400 --> 00:13:44,360 Speaker 1: and just look across the entire newspaper industry. When people 260 00:13:44,360 --> 00:13:46,839 Speaker 1: talk about synergies, you know, everyone says, oh, that means 261 00:13:46,960 --> 00:13:50,079 Speaker 1: layoffs in the newspaper industry. It's true, certainly, these companies 262 00:13:50,160 --> 00:13:52,440 Speaker 1: really tighten up. They've been doing it for years, and 263 00:13:52,480 --> 00:13:55,640 Speaker 1: we just see continued layoffs even at the big national newspapers. 264 00:13:56,080 --> 00:13:58,160 Speaker 1: I want to thank you very much, Alex Sherman, as 265 00:13:58,200 --> 00:14:02,800 Speaker 1: always are Bloomberg Deals reporter, giving us the lowdown on 266 00:14:03,040 --> 00:14:17,160 Speaker 1: Gannette walking away from an acquisition of Tromp pleasure. You 267 00:14:17,240 --> 00:14:19,040 Speaker 1: know when we get to talk to the CEO of 268 00:14:19,080 --> 00:14:23,080 Speaker 1: a company, Synaptics, this one particularly. It has a market 269 00:14:23,080 --> 00:14:26,440 Speaker 1: cap at one point eight billion dollars based in San Jose, California, 270 00:14:26,760 --> 00:14:29,600 Speaker 1: and you've probably interacted with many of their products because 271 00:14:29,640 --> 00:14:34,640 Speaker 1: they are leaders in display driver technology. Rick Bergman is 272 00:14:34,680 --> 00:14:37,040 Speaker 1: the chief executive and he joins us now from our 273 00:14:37,080 --> 00:14:41,400 Speaker 1: San Francisco studio home to nine sixty Bloomberg nine six. 274 00:14:41,560 --> 00:14:43,360 Speaker 1: Thank you very much for being with us. Rick Bergman, 275 00:14:44,320 --> 00:14:46,320 Speaker 1: thank you very much. It's great to be here. Okay, 276 00:14:46,320 --> 00:14:49,280 Speaker 1: now tell me what's going on with with Synaptics, because 277 00:14:49,320 --> 00:14:51,600 Speaker 1: you've got to dial back to June. You were in 278 00:14:51,720 --> 00:14:55,200 Speaker 1: talks perhaps with a Chinese company about a takeover. The 279 00:14:55,240 --> 00:14:58,960 Speaker 1: stock is up today substantially, but it's down about thirty 280 00:14:59,040 --> 00:15:01,720 Speaker 1: three so far, uh this year. Maybe just tell us 281 00:15:02,440 --> 00:15:04,520 Speaker 1: a little like six month history what's been going on 282 00:15:04,560 --> 00:15:08,320 Speaker 1: at Synaptics. Well, of course, we're a major supplied to 283 00:15:08,320 --> 00:15:11,400 Speaker 1: all the smartphone manufacturers in a couple of them have 284 00:15:11,560 --> 00:15:14,440 Speaker 1: had some stumbles over the past six months, and kind 285 00:15:14,440 --> 00:15:17,920 Speaker 1: of as they go, we go. But based on our 286 00:15:17,920 --> 00:15:22,120 Speaker 1: guidance in what we just announced last week, we're back 287 00:15:22,240 --> 00:15:25,400 Speaker 1: in a healthy growth period again for the company. Does 288 00:15:25,440 --> 00:15:30,000 Speaker 1: that mean that smartphone UH purchases are increasing faster than 289 00:15:30,040 --> 00:15:32,480 Speaker 1: you've expected, or just that you've got more contracts than 290 00:15:32,480 --> 00:15:36,320 Speaker 1: you expected? What's that do too? Well? Where we're seeing 291 00:15:36,320 --> 00:15:39,160 Speaker 1: our growth as an area where we've really innovated, which 292 00:15:39,240 --> 00:15:42,080 Speaker 1: is around integration. So earlier you mentioned that we're in 293 00:15:42,120 --> 00:15:45,040 Speaker 1: the display business, and we certainly are, but we're combining 294 00:15:45,080 --> 00:15:47,560 Speaker 1: that actually with a touch controller, so when you touch 295 00:15:47,680 --> 00:15:51,080 Speaker 1: your smartphone, that's that Synaptics behind that technology, and we're 296 00:15:51,120 --> 00:15:54,000 Speaker 1: combining those two and are really leading the industry in 297 00:15:54,040 --> 00:15:57,320 Speaker 1: that particular area. Well, can you just expand a little 298 00:15:57,320 --> 00:15:59,800 Speaker 1: bit more on what the strategy of the company has 299 00:15:59,840 --> 00:16:05,520 Speaker 1: been because I recalled directly that um in that review 300 00:16:05,600 --> 00:16:09,800 Speaker 1: that you gave. I believe in June UH you talked 301 00:16:09,800 --> 00:16:13,440 Speaker 1: about that sizeable revenue shortfall during the March quarter and 302 00:16:13,480 --> 00:16:15,320 Speaker 1: you said that that was going to carry into fiscal 303 00:16:15,400 --> 00:16:19,760 Speaker 1: Q four. Well, we finished up our fiscal Q four 304 00:16:19,800 --> 00:16:22,920 Speaker 1: and and and certainly did that come to fruition. That 305 00:16:23,000 --> 00:16:24,840 Speaker 1: is that what happened because you talked about the week 306 00:16:24,880 --> 00:16:29,040 Speaker 1: PC business as well. Well, we did have a weaker 307 00:16:29,320 --> 00:16:32,520 Speaker 1: Q four Now for us, that was June, the September quarter. 308 00:16:32,600 --> 00:16:38,000 Speaker 1: We just announced it was sequentially growth versus at Q four, 309 00:16:38,080 --> 00:16:40,880 Speaker 1: So and then we guided to another seventeen percent if 310 00:16:40,880 --> 00:16:43,360 Speaker 1: you take our midpoint. So, so we feel we we 311 00:16:43,400 --> 00:16:46,840 Speaker 1: have the growth engines back on track. For Synaptics. Earlier 312 00:16:46,880 --> 00:16:50,720 Speaker 1: this year, there was a Chinese buyer group. Uh, you're 313 00:16:50,760 --> 00:16:56,200 Speaker 1: an active negotiations with to possibly take over Synaptics. The 314 00:16:56,280 --> 00:17:00,760 Speaker 1: shares are down more than of Synaptics so far this year. 315 00:17:01,040 --> 00:17:05,160 Speaker 1: Is that still on the table? Well, I can't confirm 316 00:17:05,240 --> 00:17:08,280 Speaker 1: or deny market speculations, and that's kind of in our 317 00:17:08,320 --> 00:17:11,639 Speaker 1: stance for about a year now. Uh. And so we 318 00:17:11,680 --> 00:17:13,639 Speaker 1: are focused on growing the company, as I said, and 319 00:17:14,040 --> 00:17:17,280 Speaker 1: we're actively out there. We've been pretty open about that 320 00:17:17,359 --> 00:17:19,879 Speaker 1: about looking up targets ourselves for M and A to 321 00:17:19,960 --> 00:17:23,480 Speaker 1: allow us to go forward with inorganic growth in the 322 00:17:23,560 --> 00:17:26,920 Speaker 1: human interface area. What would be the natural thing to acquire. 323 00:17:26,920 --> 00:17:29,480 Speaker 1: I mean, what would be um a natural type of 324 00:17:29,520 --> 00:17:32,800 Speaker 1: business that you would be interested in acquiring that bolster 325 00:17:32,880 --> 00:17:36,640 Speaker 1: your existing platform. That's a great question. So as as 326 00:17:37,000 --> 00:17:40,240 Speaker 1: we discussed, Synaptics is well known for our touch technology 327 00:17:40,359 --> 00:17:42,679 Speaker 1: and also our our display technology, so you kind of 328 00:17:42,720 --> 00:17:46,359 Speaker 1: get the touching and seeing part of the human interface experience. 329 00:17:46,560 --> 00:17:48,760 Speaker 1: So as you can imagine, we're also interested in things 330 00:17:48,840 --> 00:17:54,760 Speaker 1: like audio or voice, or motion or three D gestures. Well, 331 00:17:54,760 --> 00:17:58,840 Speaker 1: smells probably ways out there, but uh we we look 332 00:17:58,880 --> 00:18:01,920 Speaker 1: at other technolog metal goal health technologies certainly also fall 333 00:18:02,000 --> 00:18:05,760 Speaker 1: under that umbrella. Talking about gross margins and how they 334 00:18:05,880 --> 00:18:11,520 Speaker 1: are performing at Synaptics well as as in an American 335 00:18:11,840 --> 00:18:14,760 Speaker 1: company or semi conductor company, our margins are are lower 336 00:18:14,800 --> 00:18:17,600 Speaker 1: than what you see from other semi conductor companies. We 337 00:18:17,680 --> 00:18:20,440 Speaker 1: made a strategic decision that we're going to co compete 338 00:18:20,600 --> 00:18:24,320 Speaker 1: in the consumer markets like smartphones are PCs, and that's 339 00:18:24,320 --> 00:18:26,719 Speaker 1: how we're going to get growth and actually grow our 340 00:18:26,720 --> 00:18:30,199 Speaker 1: earnings for share. What what that's meant over the last quarters, 341 00:18:30,200 --> 00:18:34,480 Speaker 1: our gross margins have come down, But as I mentioned conversely, 342 00:18:34,560 --> 00:18:36,840 Speaker 1: is what's going up is our top line. You know, 343 00:18:36,880 --> 00:18:39,600 Speaker 1: assuming that you're talking about how Synaptics really relies on 344 00:18:39,640 --> 00:18:42,760 Speaker 1: the smartphone industry. There's been a lot of talk about 345 00:18:42,840 --> 00:18:45,840 Speaker 1: how the industry is is saturated, that it's not going 346 00:18:45,880 --> 00:18:48,040 Speaker 1: to expand that much more. Anyone who wants a smartphone 347 00:18:48,040 --> 00:18:51,800 Speaker 1: probably has one at this point. What's your take on this, Well, 348 00:18:51,840 --> 00:18:54,880 Speaker 1: we have some great innovations coming and when people talk 349 00:18:54,920 --> 00:18:59,040 Speaker 1: about slow growth, it's still mid single digit type of growth. 350 00:18:59,040 --> 00:19:01,080 Speaker 1: And you're talking about a billion and a half smartphones 351 00:19:01,119 --> 00:19:03,160 Speaker 1: per year sold. So if you just do the math, 352 00:19:03,240 --> 00:19:07,160 Speaker 1: it's a hundred million units of smartphones in addition each 353 00:19:07,240 --> 00:19:09,560 Speaker 1: year that we can can participate and where and our 354 00:19:09,600 --> 00:19:12,520 Speaker 1: plan is to grow our footprint within that smartphone market. 355 00:19:12,520 --> 00:19:16,680 Speaker 1: We've added fingerprint sensors is another example where we've really 356 00:19:17,119 --> 00:19:21,199 Speaker 1: grown our dollar contribution per phone. Rick bergband president and 357 00:19:21,280 --> 00:19:24,679 Speaker 1: CEO of Synaptics, thank you so much for being with us. 358 00:19:34,040 --> 00:19:36,960 Speaker 1: You know, Lisa Abramo, it's uh. The price of oil 359 00:19:37,400 --> 00:19:40,640 Speaker 1: is trading higher by more than eight percent right now 360 00:19:40,680 --> 00:19:44,280 Speaker 1: on the New York NIMEX. This comes after a an 361 00:19:44,280 --> 00:19:48,720 Speaker 1: explosion in the western Shelby County, Alabama, and this is 362 00:19:48,800 --> 00:19:53,080 Speaker 1: a pipeline that was being worked on and apparently it 363 00:19:53,200 --> 00:19:57,600 Speaker 1: supplies a great deal of gasoline to the southeast. In fact, 364 00:19:58,000 --> 00:20:01,520 Speaker 1: this is a sort of major hub for for a 365 00:20:01,560 --> 00:20:04,439 Speaker 1: major transit point. I beg your pardon for gasoline, and 366 00:20:04,480 --> 00:20:06,720 Speaker 1: here to tell us about it is Laura Blewett, our 367 00:20:06,760 --> 00:20:10,560 Speaker 1: own first word Bloomberg first word oil reporter. Laura, thank 368 00:20:10,600 --> 00:20:12,840 Speaker 1: you very much for being with us. Tell us about this, 369 00:20:12,840 --> 00:20:18,680 Speaker 1: this pipeline, it's connection to higher gas prices in the southeast. Yes, 370 00:20:18,720 --> 00:20:22,480 Speaker 1: absolutely so. This is the major artery shifting gasoline from 371 00:20:22,520 --> 00:20:25,520 Speaker 1: the Gulf Coast refining hub into the main consuming hub 372 00:20:25,560 --> 00:20:29,560 Speaker 1: in New York. Um. It's the pipeline that was hit yesterday. 373 00:20:29,640 --> 00:20:32,640 Speaker 1: It flows from Houston to Greensboro, North Carolina, and then 374 00:20:32,680 --> 00:20:35,919 Speaker 1: there are some connecting lines that Hallett Field north to 375 00:20:36,400 --> 00:20:41,280 Speaker 1: New York. So. Um. This explosion comes about uh six 376 00:20:41,359 --> 00:20:45,160 Speaker 1: or seven weeks after another spill in September that shut 377 00:20:45,200 --> 00:20:48,400 Speaker 1: the line for twelve days. Um. So Um. They were 378 00:20:48,440 --> 00:20:51,760 Speaker 1: working on the pipeline, working to make some repairs after 379 00:20:51,800 --> 00:20:54,399 Speaker 1: that spill, and it looks like in the midst of 380 00:20:54,400 --> 00:20:58,520 Speaker 1: that work, UM, a track ho was doing some digging 381 00:20:58,640 --> 00:21:02,000 Speaker 1: and it hit the line. And I'm right now colonial 382 00:21:02,040 --> 00:21:04,440 Speaker 1: pipeline has shut down. Both of the main lines that 383 00:21:04,520 --> 00:21:08,159 Speaker 1: ship gasoline and diesel up to the Northeast. And I 384 00:21:08,200 --> 00:21:11,639 Speaker 1: just want to correct myself. I believe gasoline is higher 385 00:21:11,680 --> 00:21:16,520 Speaker 1: on the nymex It is higher dollar fifty three a gallon. 386 00:21:16,600 --> 00:21:18,159 Speaker 1: Right now on the n I mix up eight and 387 00:21:18,200 --> 00:21:20,960 Speaker 1: a quarter percent. I beg your pardon. Yeah, that was 388 00:21:21,000 --> 00:21:24,399 Speaker 1: a flash jump yesterday on the news. M Gasoline traders 389 00:21:24,400 --> 00:21:26,160 Speaker 1: here in the US that I speak to, we're up 390 00:21:26,160 --> 00:21:29,680 Speaker 1: all night trading. Um. This looks like at this point 391 00:21:29,760 --> 00:21:32,840 Speaker 1: it's all speculation, but this line could be shut down 392 00:21:32,880 --> 00:21:36,760 Speaker 1: for several weeks, which would have a huge, huge impact 393 00:21:36,880 --> 00:21:40,920 Speaker 1: on drivers in the Northeast stand Eastern Seaboard. So pair 394 00:21:41,080 --> 00:21:45,040 Speaker 1: this with the dynamic that's the opposite dynamic over in 395 00:21:45,080 --> 00:21:48,120 Speaker 1: the Middle East, where it seems like perhaps OPEC will 396 00:21:48,119 --> 00:21:53,520 Speaker 1: struggle to get some agreement together on limiting UH limiting output. Um, 397 00:21:53,560 --> 00:21:56,720 Speaker 1: and there is evidence that US stockpiles are increasing. I mean, 398 00:21:56,760 --> 00:22:01,720 Speaker 1: does this materially eat into those stockpiles and potentially UH 399 00:22:02,359 --> 00:22:06,680 Speaker 1: put a floor under oil prices regardless of an opaque agreement. Yes, 400 00:22:06,800 --> 00:22:10,120 Speaker 1: I think it would actually because I'm at this point, Um, 401 00:22:10,160 --> 00:22:12,840 Speaker 1: the gasoline that's normally produced in the Houston area is 402 00:22:12,880 --> 00:22:15,080 Speaker 1: going to be trapped down here in the Gulf Coast, 403 00:22:15,440 --> 00:22:17,720 Speaker 1: so we're going to have less need for the crude 404 00:22:17,760 --> 00:22:21,240 Speaker 1: supplies to process into gasoline, So we're going to see 405 00:22:21,280 --> 00:22:24,159 Speaker 1: demand drop for oil in this area. We're already seeing 406 00:22:24,440 --> 00:22:29,000 Speaker 1: some of the Louisiana light sweet um crude going down 407 00:22:29,520 --> 00:22:32,199 Speaker 1: because the demand is going to be lower. So, you know, 408 00:22:32,240 --> 00:22:36,960 Speaker 1: it's interesting because oil westex oil spot price right now 409 00:22:37,080 --> 00:22:40,600 Speaker 1: does not appear to be moving that much. It seems 410 00:22:40,640 --> 00:22:43,600 Speaker 1: like both factors are kind of working at odds. I mean, 411 00:22:43,720 --> 00:22:46,720 Speaker 1: how will this sort of work itself out, which which 412 00:22:46,720 --> 00:22:50,040 Speaker 1: one will win? At this point, it looks like gasoline 413 00:22:50,080 --> 00:22:53,520 Speaker 1: will win. Um. If you look at the price of 414 00:22:53,560 --> 00:22:56,959 Speaker 1: gasoline relative to w t I that has surged as well. 415 00:22:57,359 --> 00:23:01,080 Speaker 1: And fundamentally, this is the gest issue in the US 416 00:23:01,119 --> 00:23:05,400 Speaker 1: that we've seen probably since Superstorm Sandy or Katrina. UM. 417 00:23:05,480 --> 00:23:08,760 Speaker 1: So as Americans love to drive, you know, we're going 418 00:23:08,800 --> 00:23:11,399 Speaker 1: to see that this is going to be driving the 419 00:23:11,440 --> 00:23:14,320 Speaker 1: market in the next couple of weeks. And just to 420 00:23:14,320 --> 00:23:18,520 Speaker 1: to add to your reporting, uh Laura, that that one 421 00:23:18,560 --> 00:23:21,560 Speaker 1: person has been killed and five others injured in this 422 00:23:21,880 --> 00:23:25,200 Speaker 1: in this explosion, we don't know the fate of those Uh, injured, 423 00:23:25,240 --> 00:23:30,200 Speaker 1: of course, a terrible accident. Is Is there any redundancy 424 00:23:30,240 --> 00:23:35,240 Speaker 1: built into this system? Laura, UM, it's really a very 425 00:23:35,359 --> 00:23:38,720 Speaker 1: very important pipeline that UM, we don't see too much. 426 00:23:39,440 --> 00:23:43,199 Speaker 1: Didn't they know there's another pipeline called the Plantation that 427 00:23:43,359 --> 00:23:47,880 Speaker 1: supplies UM about half as much gasoline as Colonial and 428 00:23:48,040 --> 00:23:52,560 Speaker 1: UM there's some other US laws that restrict barges or 429 00:23:52,640 --> 00:23:57,159 Speaker 1: tankers from moving gasoline from Houston up to the Atlantic coast. 430 00:23:57,400 --> 00:23:59,040 Speaker 1: So we're going to have to turn to Europe the 431 00:23:59,160 --> 00:24:04,000 Speaker 1: other four in origins for those supplies. Laura Blewett, Bloomberg 432 00:24:04,080 --> 00:24:06,920 Speaker 1: first word oil reporter, Thank you so much for being 433 00:24:06,920 --> 00:24:08,680 Speaker 1: with us. This is something that we'll have to keep 434 00:24:08,680 --> 00:24:11,359 Speaker 1: an eye on to see how long it will take 435 00:24:11,400 --> 00:24:15,200 Speaker 1: before this oil this gasoline will continue to be pumped, 436 00:24:15,240 --> 00:24:19,440 Speaker 1: and how long it'll take it to get it back online. 437 00:24:23,000 --> 00:24:25,480 Speaker 1: Thanks for listening to the Bloomberg P and L podcast. 438 00:24:25,840 --> 00:24:29,640 Speaker 1: You can subscribe and listen to interviews at iTunes, SoundCloud, 439 00:24:29,840 --> 00:24:34,040 Speaker 1: or whatever podcast platform you prefer. I'm pim Fox. I'm 440 00:24:34,040 --> 00:24:36,959 Speaker 1: out there on Twitter at pim Fox. I'm out there 441 00:24:37,000 --> 00:24:40,280 Speaker 1: on Twitter at Lisa Abramo. It's one before the podcast. 442 00:24:40,320 --> 00:24:43,040 Speaker 1: You can always catch us worldwide on Bloomberg Radio.